Tuesday Jun 25, 4:44AM EDT

Market Commentary

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GRAINS

July Corn closed up 4 3/4-cents at 4.47.

July corn closed closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. The high-range close sets the stage for a steady to higher opening on Tuesday. I would not be surprised to see the corn market chop sideways ahead of Friday's Planted acreage report and the quarterly grain stocks report. Closes below the 20-day moving average crossing at 4.32 1/2 would confirm that a short-term top has been posted. If July extends the recent upside breakout of the monthly trading range, monthly resistance crossing at 5.15 is the next upside target. First resistance is last-Monday's high crossing at 4.64 1/4. Second resistance is monthly resistance crossing at 5.15. First support is the 10-day moving average crossing at 4.43 1/2. Second support is the 20-day moving average crossing at 4.32 1/2.

July wheat closed up 12-cents at 5.38.

July wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off May's low, the 75% retracement level of the 2018-2019-decline crossing at 5.69 is the next upside target. Closes below the 20-day moving average crossing at 5.17 1/2 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2019-decline crossing at 5.42 1/2. Second resistance is the 75% retracement level of the 2018-2019-decline crossing at 5.69. First support is the 20-day moving average crossing at 5.17 1/2. Second support is the reaction low crossing at 4.87 3/4.

July Kansas City Wheat closed up 13-cents at 4.65 1/2.

July Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off May's low, the 50% retracement level of the 2018-2019-decline crossing at 5.41 1/2 is the next upside target. Last-week's closes below the 20-day moving average crossing at 4.63 1/4 has opened the door for a possible test of the 50-day moving average crossing at 4.33 3/4. First resistance is June's high crossing at 4.97. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 5.41 1/2. First support is the reaction low crossing at 4.39. Second support is the 50-day moving average crossing at 4.33 3/4.

July Minneapolis wheat closed up 7 1/2-cents at 5.43 1/2.

July Minneapolis wheat posted a key reversal up on Monday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, April's low crossing at 5.06 is the next downside target. Closes above the 20-day moving average crossing at 5.56 1/2 would confirm that a short-term low has been posted. If July renews the rally off April's low, the 50% retracement level of the 2018-2019-decline crossing at 5.90 1/2 is the next upside target. First resistance is the 38% retracement level of the 2018-2019-decline crossing at 5.70 1/2. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 5.90 1/2. First support is today's low crossing at 5.35. Second support is April's low crossing at 5.06.

SOYBEAN COMPLEX? 

July soybeans closed up 6 1/4-cents at 9.09.

July soybeans closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, March's high crossing at 9.38 1/4 is the next upside target. Closes below the 20-day moving average crossing at 8.83 3/4 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 9.21 1/2. Second resistance is March's high crossing at 9.38 1/4. First support is the 20-day moving average crossing at 8.83 3/4. Second support is the May 28th gap crossing at 8.31 1/2.

July soybean meal closed up $2.00 at 317.60.

July soybean meal closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Recent closes below the 20-day moving average crossing at 318.60 confirms that a short-term top has been posted. If July extends last-week's decline, the 50-day moving average crossing at 307.50 is the next downside target. If July renews the rally off May's low, January's high crossing at 331.10 is the next upside target. First resistance is June's high crossing at 328.10. Second resistance is January's high crossing at 331.10. First support is the 50-day moving average crossing at 307.50. Second support is the reaction low crossing at 293.10.

July soybean oil closed down 6-pts. at 28.38.

July soybean oil closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 50% retracement level of the February-May-decline crossing at 28.91 is the next upside target. Closes below the reaction low crossing at crossing at 26.93 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 28.72. Second resistance is the 50% retracement level of the February-May-decline crossing at 28.91. First support is the reaction low crossing at crossing at 26.93. Second support is May's low crossing at 26.74.